A guide to the new Credit CARD Act

On May 22, 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure Act, or the Credit CARD Act, into law. The CARD Act, among other things, amends the Truth in Lending Act to establish fair and transparent practices relating to the extension of consumer credit. 

A majority of the CARD Act provisions will be effective beginning  February 22nd, 2010. As additional provisions go into effect, we will notify you here.

For an explanation on how your account might be impacted by these changes, click through the topics below.

To view and print the full CARD Act click here.

The provisions of the CARD Act apply to our revolving consumer accounts such as the Dell Preferred Account and the Ailenware Titanium Account. The Act does not affect Dell Business Credit Accounts or Lease agreements.

 

Your monthly statement is being enhanced to provide you more helpful information about your account.

Format Enhancements

The format of your monthly statements has been enhanced in certain places to help you more easily find the account information you are looking for.

Content Enhancements

You’ll find that the new information in your statement will make it even easier for you to understand your account and make decisions about it. You can look for:

·          The estimated time it will take you to pay off your balance by making only the minimum monthly payment.

·          The minimum payment amount you should make if you wish to pay off your balance within three years, if applicable.

·          Clear information about how late payments may affect your account.

·          Summary of year-to-date fees and interest you've been charged.  

  Due Dates

·         Currently, your bill is due within the same 2-3 day period every month. To help you plan ahead, we will now make sure that your statement is due on the same day every month.

  Important Notices About Your Account

·         When we have special notices or information concerning your account, we will communicate them to you on the front of your statement.  These may include changes to your APR or changes to the terms and conditions of your credit agreement.

Click here to see an example of how your new statement will look like with an explanation of changes.


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